anyone got any ideas about the block trades that went through today?

website: http://www.sterlingenergyplc.com/



weather: www.nhc.noaa.gov/refresh/graphics_at4+shtml/084938.shtml?50wind120

I'm out too.

That's 2 attempts at Coup D'etat in 12 months.

Sterling have an agreement with a Government that is being turned over right now so who knows where it will go once the dust settles.

This may have a great upside but I feel more comfortable watching for a while.

Good luck to any left in.

I should add that I take note of what has happened in Iraq, it may take time to sort out existing contracts post the Coup if it is sucessful.

That's time can not give at the moment.

SWW,

I'm still here and watching SKY for news, but I feel sure whoever is in charge will want the oil revenue.

Not sold any yet, sells are still mostly PI size.

Interesting reaction across the shares to the news by 3 companies with exposure to Mauritania:

HNR -9%
SEY -6%
DNX +3%

Can understand the two shares dropping (even if only a short term reaction), cant understand why DNX is going up - anyone got any ideas?

Same with PMO, it really needs shorting but I dont do that sort of thing usually.

Heard on the news that Elf Aquitane already produce in Mauritania, so the French will be watching the situation closely I would imagine, particularly as it's a former colony.

I am still holding.

later 18.7p trades are BUYS, not sells!

HNR down 10%, although just ticked up a tad, so hopefully the slaughter is over.

Now we need some clarifcation of the situation in Mauritania.

Some buying now, and the recent sells have been quite small, so maybe the weak holders have been shaken out?

BBC website has no update on the situation yet, Ould Taya's plane has apparently landed in Niger upon it's return from Saudi Arabia, which may simply be a precaution, or maybe an indication that his tenure is in doubt.

Army council 'ruling Mauritania'

Ould Taya was out of the country at the time of the reported coup
Mauritanian army officers have announced the overthrow of the president and creation of a ruling military council.
The military council said it had ended the "totalitarian regime" of President Maaouiya Ould Sid Ahmed Taya.

Troops have seized control of state media and main routes in Mauritania's capital, Nouakchott.

Presidential guards earlier blocked off access to the presidential palace and gunfire was heard.

The new Military Council for Justice and Democracy said it would rule the West African state for two years.

A plane carrying President Taya has landed in Niger's capital, Niamey, on his return from attending the funeral of Saudi Arabia's King Fahd, officials say.

Troops on streets

Presidential guards moved into state radio and television buildings from 0500 GMT, AFP news agency reports.

MAURITANIA

Dominated by light-skinned Arabic-speakers (Moors)
Black Africans complain of discrimination
Mostly desert
Islamic Republic
Recognises Israel

State media broadcasts were cut and the airport closed.

An AFP journalist in the city said military vehicles equipped with heavy weaponry and anti-aircraft guns were deployed.

Soldiers have taken up position on the streets and are said to have taken control of a key army building.

Unconfirmed reports say a number of senior army officials have been arrested.

Gunfire rang out briefly near the presidency building.

"I saw scared people running away. Civil servants have all left their offices," a witness told Reuters news agency.

A BBC correspondent in the city says he has not heard of any violence since the gunshots.

The capital is calm and people are going about their business normally, Sidi El Moctar Cheiguer says.

Divided state

Rebel soldiers came close to toppling Mr Taya in June 2003.

The government says it foiled two more attempts in 2004.

President Taya took power in a bloodless coup in December 1984 and has been re-elected three times since.

Correspondents say he later made enemies among Islamists in the country, which is an Islamic Republic.

Critics accuse the government of using the US-led war on terror to crackdown on Islamic opponents.

Mr Taya has also prompted widespread opposition by establishing links with Israel.

Earlier this year, nearly 200 people, including former President Mohamed Khouna Ould Haidallah, were put on trial for a series of alleged coup plots.

Mauritania is deeply divided between three main groups - light-skinned Arabic-speakers, descendents of slaves and dark-skinned speakers of West African languages.

"A group of Mauritanian army officers announced the overthrow of the president on Wednesday....."


http://www.lasvegassun.com/sunbin/stories/w-af/2005/aug/03/080305699.html

So, any doubt as to whether it is a coup or an attempt may well be over.

No doubt things will return to normal, but not today.

If this holds, then Mauritania has a new Government.

im out of mine short term negative sentiment around stock annoyingly only has one direction- will watch with interest. bad timing as we were at important levels.

Of course, the new Government does not have a special relationship with Sterling.

It will be interesting to see if they can buy back in with the new one or if the new one will want all of their 12% of the oil financed by another Company with no ties to the old regime.

This is now a gamble, so I will not be buying back in until things are much clearer.

I think this coup has taken place so that the new rulers can get in on the action before the oil starts pumping, however I have sold my holding until things settle down.

The new government may want all the oil, depriving SEY of royalties. But I do not think they could afford to be seen to default on the 97million loan. So at worst SEY should get their money back by negotiation for which there would be plenty of interesting possible uses around the world currently. My view is they will be prevailed upon by many organisations, not least OPEC, to behave in accordance with contract and international law, if they are to be taken in any way seriously as a liberating movement.

If the ex(?)-president or other ministers/civil servants were lining their own pockets, they may well put a stop to that, but that should not affect SEY.

I'm holding, having missed the news until after the major drop to 18.75 mid SP.

sd

very frustrating though sey were a more solid play than most of my 'higher' risk energy stocks. will remain out for the time being.

lizard,

Well SEY are a solid company IMHO, but sadly political events have changed things, rather than actions of the company.

I remain a holder, and hope that we will soon have clarification of the situation, and if there is a new government, some indication of whether or not they are going to honour deals negotiated and agreed with the previous administration.

So many rats on such a splendid ship. Is it really going to sink and wet your all of your tails?

queen1,

One would hope not!

I'm a little surprised that so many loyal holders have bailed totally, I would have thought a top slice may be prudent, and I must admit I have considered that too.

This statement has been released by the new rulers, and the last paragraph confirms their commitment to honour all deals already done, so hopefully we may see some stability in the morning.

------------------------------------


Mauritania coup: Full statement

Following the coup in Mauritania, a group calling itself The Military Council for Justice and Democracy issued the following statement on the state news agency Ami:

In the name of God, the Merciful, the Gracious.

The national armed forces and security forces have unanimously decided to put a definitive end to the oppressive activities of the defunct authority, which our people have suffered from during the past years.

These activities have led to a severe deviation which has begun to threaten the future of our nation.

The national armed forces and security forces have decided to institute a Military Council for Justice and Democracy.

This council is committed before the Mauritanian people to create the appropriate circumstances for an open and transparent democracy.

This will enable the civil society and all political activists to participate with complete freedom.

Our armed forces and security forces will not rule for longer than the necessary period required to prepare and create the genuine democratic institutions.

This period will not exceed two years at the most.

The council finally confirms Mauritania's commitment to all the international treaties and agreements which it has signed.

morning

business as usual

http://news.bbc.co.uk/1/hi/world/africa/4741243.stm



http://www.woodside.com.au/Investors/News+2005/August/20050803+Mauritania.htm


http://www.woodside.com.au/Investors/News+2005/August/20050804+Mauritania+Update+2.htm

Have SEY signed any agreements that are binding ?

What it means is business as usual FOR NOW .